15 Questions
Which level of strategy involves decisions about the organization as a whole?
Corporate level strategy
Who is responsible for formulating Corporate level strategy?
Senior executives & other Corporate staff
What does the Business level strategy involve?
Decisions about the strategic business unit (SBU)
What is the purpose of a corporate vision according to the text?
To state management's aspirations for the business
Who encouraged the Operational Level Strategy according to the text?
Peter Drucker
What are the four key elements of the strategic management process?
Developing Vision, Mission & Objectives
Who formulates Corporate level strategy according to the text?
Chief Executive Officer, Board Of Directors, Senior executives & other Corporate staff
What does the Business level strategy involve according to the text?
Competing successfully in particular markets, achieving advantage over competitors, identifying new opportunities, developing products or services, and meeting customer needs
Who is responsible for developing annual objectives and short term strategies at the Functional (Operational) Level according to the text?
Managers in functional areas such as HR, Marketing, Finance, Production, Customer service, and R & D
What is the purpose of a corporate vision according to the text?
To state management's aspirations for the business and provide a view of where the organization is going
What are the hierarchial levels of strategy mentioned in the text?
Corporate level, Business level, Functional level
Who sets objectives, analyses internal & external environment, and formulates strategies at the Corporate level?
Chief Executive Officer, Board Of Directors, Senior executives & other Corporate staff
What are the four key elements of the strategic management process mentioned in the text?
Developing Vision, Mission & Objectives
What does the Business level strategy involve according to the text?
Competing successfully in particular markets, achieving advantage over competitors, identifying or creating new opportunities, developing products or services, and meeting customer needs to achieve long-term profitability or market share growth
Who is responsible for developing annual objectives & short term strategies at the Functional (Operational) Level?
Managers of different functional areas such as HR, Marketing, Finance, Production, Customer service & R & D
Test your knowledge of strategic management fundamentals including strategic decision making, the strategic management process, and the differences between policy, strategy, and tactics. Explore the definition of strategy and its evolution from the Greek word "strategos". Chandler's perspective on strategy is also covered.
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